Commercial banks in major cities in Nigeria on Thursday started dispensing the newly redesigned naira notes to over-the-counter customers.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele had on October 26, 2022, said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
President Muhammadu Buhari subsequently unveiled the newly designed notes on Wednesday, November 23, 2022.
However, the Peoples Democratic Party (PDP) and some eminent Nigerians including Governor Godwin Obaseki of Edo State as well as the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, have faulted the naira redesign as having no basis in economics.
Amid the stiff opposition, the apex bank ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
The apex bank said the regulatory directives take effect nationwide from January 9, 2023.
The CBN further fixed daily maximum withdrawals via point of sale (PoS) and Automatic Teller Machine (ATM) terminal at N20,000 and said only denominations of N200 and below shall be loaded into the ATMs.
The Senate and House of Representatives have kicked against the policy and asked the apex bank to adjust its withdrawal limits but the CBN said there is no going back on the policy.
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